For the first quarter of 2010, the company posted a net income of $5.7m, or $0.01 per diluted share, compared to a net loss of $118.91m, or $1.09 per diluted share, for the prior year period. Operating income was $75.11m, compared to an operating loss of $99.71m for the year ago period.

For the drybulk carrier segment, net voyage revenues increased by $18m to $106.9m for the first quarter of 2010, compared to $88.9m for the prior year period.

For the offshore drilling segment, revenues from drilling contracts amounted to $80.3m for the first quarter of 2010, as compared to $96m for the same period in 2009. This decrease is mainly due to the deferral of revenue during the first quarter of 2010 as a result of the mobilization of the Leiv Eiriksson from the North Sea to the Black Sea.

George Economou, chairman and CEO of the company, said: “We are pleased to have another quarter of solid operating results with our charters on both the drybulk and drilling units performing as per expectations. We are making progress on both fronts and especially on the financing front where we are pursuing a couple of debt alternatives that appear to be promising.”

Will the company continue at same pace in Q2?

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